CAYMAN ISLANDS -- Marine navigation, communication and information products manufacturer Garmin Ltd., recently reported record fourth quarter and fiscal year results companywide and said it expects marine revenues to grow at least 10 percent in 2006.
Garmin said it expects that growth to come from dual-beam and digital fishfinder products and next generation offshore and inland marine cartography that will be introduced across its marine chartplotter lines.
Garmin said its total revenue in the fourth quarter, ended Dec. 31, was up 45 percent, to $319.3 million from $220.9 million, compared to the 2004 fourth quarter. For the year as a whole, Garmin said its total revenue was $1.03 billion, up 35 percent from $762.5 million in fiscal 2004.
"2005 was another remarkable year for Garmin,” said Dr. Min Kao, chairman and CEO. “We are delighted to have introduced a record number (55) of innovative new products. These products, which include many automotive, recreational, fitness, and marine products, have been well received by the market.”
Kao said the company would significantly expanded its worldwide marketing and sales efforts and has also increased its manufacturing capacity to meet future demand and compete effectively in the global marketplace.
Garmin has also made a policy change with regard to segment reporting and providing future earnings guidance. In SEC filings beginning with the first quarter of fiscal 2006, the company will provide segment data for four business segments - aviation, marine, outdoor/fitness, and automotive/mobile segments.
The company held its earnings call on Wednesday. An archive of the live Web cast will be available until March 24on the Garmin website at www.garmin.com. To access the replay, click on the Investor Relations link and click over to the Events Calendar page.
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